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The world of Vopak

HY1 2014

ROADSHOW PRESENTATION

The world ROADSHOW PRESENTATION

of Vopak

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Forward-looking

Statements This presentation contains ‘forward-looking statements’, based on currently available plans and forecasts.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and

depend on circumstances that may or may not occur in the future, and Vopak cannot guarantee the

accuracy and completeness of forward-looking statements.

These risks and uncertainties include, but are not limited to, factors affecting the realization of ambitions and financial

expectations, developments regarding the potential capital raising, exceptional income and expense items, operational

developments and trading conditions, economic, political and foreign exchange developments and changes to IFRS reporting

rules.

Vopak’s EBITDA outlook does not represent a forecast or any expectation of future results or financial performance.

Statements of a forward-looking nature issued by the company must always be assessed in the context of the events, risks and

uncertainties of the markets and environments in which Vopak operates. These factors could lead to actual results being

materially different from those expected, and Vopak does not undertake to publicly update or revise any of these forward-looking

statements.

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • 2 • • • • • • • • • • • • • • • • • • • Roadshow presentation • HY1 2014 • •

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

3

General

Introduction

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Vopak and storage since 1616 Almost four centuries of history

HY1 2014 Roadshow presentation 4

1616 1818 1839 1860 1929 1967 1996 1999 2002 2011

Vopak’s oldest Terminal (Vlaardingen) was founded Van Ommeren Blauwhoed

Full control of Univar

Vopak continues as a tank storage company

Merger Blauwhoed and Pakhuismeesteren in to Pakhoed

First ever dedicated oil storage container

Pakhuismeesters Merger Van Ommeren and Pakhoed resulting In Royal Vopak

First Vopak LNG terminal

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

The world of Vopak

Roadshow presentation 5

Terminal

Terminal(s) hub locations

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Total Revenues in € mln

647.2 Compared to HY1 2013

-0%

Number of employees

31 December 2013

6.174

Total storage capacity

In mln cbm

30 Jun 2014

Number of terminals

79

EBITDA HY1 2014 in € mln

366.5 Compared to HY1 2013

-5%

Total Injury Rate (TIR) Per 200,000 hours worked own

personnel and contractors

0.31 Number of countries

29 Market capitalization

In € billion at 30 June 2014

4.6

Note: ‘Storage capacity’ is defined as the total available storage capacity (jointly) operated by the Group at the end of the reporting period, being storage capacity for subsidiaries,

joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlands, which is based on the attributable capacity, being 1,085,786 cbm), and other (equity)

interests, and including currently out of service capacity due to maintenance and inspection programs. ** Subsidiaries only; *** Excluding exceptional items, including net result

from joint ventures and associates

key figures HY1 2014


HY

2014

1 HY

2013

1

0 . 31 0 . 29

18%

82%

3 30.4 56

HY1

2014

HY1 2014

HY1

2013

2.1

11

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Vopak’s role in the supply chain Focus on global hubs, major deficit markets, gas markets and industrial and chemical terminals


Independent Storage & Transshipment

Feedstock Production

Feedstock Gathering

Product Transmission

Production & Refining

Product Transmission

Midstream & Enduser Distribution

Independent Storage & Transshipment

HY1 2014

Gasses Industrial terminals Hub terminals Distribution terminals

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Requirement for independent storage Rationale for our clients

Roadshow presentation

Flexibility Economies of scale Non-core activity

Our clients focus their

capital on their core

activities

Economies of scale make

storage capacity at Vopak

attractive

Independent storage

capacity gives

flexibility

8 HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Products

Crude oil

Oil products

Liquid and gaseous chemicals

Vegetable oils

Biofuels

LNG

LPG

Services

Storage

Blending

Make / break bulk

Heating / cooling / adding nitrogen

(Un)loading ships / railcars / trucks

Weighing / drumming

Clients

International oil/chemical companies

National oil/chemical companies

Governments

Downstream consumers

Utility providers

Trading companies

Biofuel/vegoil companies

Vopak business model


Transport connection

Vessels

Barges

Pipelines

Tank trucks

Rail wagons

Drums

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Hub Import/Export Industrial

Hub Terminal

Vital link for incoming and outgoing flows of

global oil and chemicals

Import/Export Terminal

Storage of products that are imported or

exported for end-uses in a specific region

Industrial Terminal

Complete integration with the production

process of our customers

Example: Vopak Terminal Europoort (NL) Example: Vopak Terminal Durban

(South Africa) Example: Vopak Terminal Sakra (Singapore)

Strategic logistic functions of tank terminals Three types of terminals


Automotive Electronics Construction

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Vopak’s business model


Tank storage

Blending nitrogen

Adding / cooling

Heating / unloading of ships / railcars / trucks

Loading

Excess througput fees

Monthly invoicing in arrears

Fixed rental fees for capacity

Fixed number of throughputs per year

V opak does not own the product

Monthly invoicing in advance

Note: general overview of business model. Can vary per terminal.

Sh

are

of re

ve

nu

es

Services

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Selective

growth

Looking

ahead

Original contract duration Robust contract portfolio with 80% contracts exceeding 1 year period

Contract position 2012 In percent of revenues


18%

52%

30% 28%

52%

20%

> 3 year ≤ 1-3 year

Note: Based on original contract duration; Subsidiaries only; Yearly, about 30% - 35% of contract portfolio is up for renewal.


19%

44%

37%

1 year

12 Roadshow presentation HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

13

Business

environment

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Primary competition Secondary competition Captive storage*

Independent competition renting

only to third parties

Partly using their capacity for

storing own products

Producers & traders only using

their capacity for storing their own

products

14

Vopak competitive environment Non-captive marine tank storage for liquid oil and chemical products

* Not considered as competition.

Roadshow presentation HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth


Vopak: Global market leader In both oil and chemicals storage

Storage Capacity as per 30 June 2014

In million cbm

Note: Including inland capacity Source: Vopak; company websites.

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32

Rubis

Stolt-Nielson

Odfjell

CIM-CMMP

Horizon

Sunoco

IMTT

CLH

VTTI

Magellan

Nustar

Buckeye

Kindermorgan

Oiltanking

VopakVopak

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth


Market share according to definition

Vopak share

As a % of world market

As a % of primary

storage market**

Total

Vopak

Secondary competition

Primary competition

* Non-oil includes chemicals, vegoils, biofuels and gasses; ** Defined as the primary competition plus Vopak’s Storage Capacity. Note: In million cbm per

30 June 2014; excluding storage market for LNG. Source: Vopak own research.

Oil storage market In million cbm

8%

13%

131.2

84.0

18.8

234.0

Non oil storage market* In million cbm

21%

26%

35.6

11.0

12.4

59.0

Total storage market In million cbm

11%

16%

166.8

95.0

31.2

293.0

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Mega trends that drive storage demand Growth scenarios projected for 2035 by different institutions

70-170%

GDP

15-55%

Energy demand

15-35%

Population

Source: UN (2013); World bank (2013); IMF (2013); IEA (2012); Shell (2013) and various other sources.


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Key global features as driver for change On which Vopak should anticipate in the next decades

A further Eastern

shift in the

international

system?

Further

globalization or

away from ‘the

world is flat’?

Different

economic growth

paths

Different energy

demand growth

and trade paths

The role of

renewables in

the energy mix?


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Product developments in HY1 2014 Stable business and focus on executing actions business review

Oil products

Oil market shows slight

growth in both

consumption and trading.

Non-OECD demand grows

with 3% and overtakes

OECD

The activities at hubs

continues to be robust with

growth in deficit markets

due to refinery closures

(OECD) and economic

growth (non-OECD)

Chemical products

North America is investing

in steam cracking and

downstream derivative

capacity with some

delays

Rationalization and

consolidation of capacity

in Europe and North East

Asia as a result of higher

feedstock cost.

Alternative feed stocks

being explored

Biofuels & vegoils

Biofuels demand grew

further having increased

mandates

Vegoils demand grew

steadily through growth in

population and wealth

level

Anti dumping duties result

in lower extra EU flows

but higher intra EU flows

19

LNG

LNG trade develops with

more short-term contracts

and more players

Asian LNG price

decreased but price

differentials across regions

remained


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth


Questions arising on the business Vopak has analyzed and quantified the boundaries

US oil and gas export scenarios LNG as transport fuel Shale gas in China

European refining & petrochemical Renewables scenarios Energy role of Africa

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Strategy and

execution

21

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Growth Leadership Operational Excellence Customer Leadership

Our Sustainability Foundation

Safety and Health | Environmental Care | Responsible Partner | Excellent People

Overall strategy Aligning the execution of the strategy

22

• Vopak will sharpen its focus on increasing cash flow generation throughout the

company and on improving its capital efficiency, supporting cash flow return

and EPS objectives

HY1 2014 Roadshow presentation

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Business review

23

Value creation options in terminal portfolio and execution

Overall Strategy Terminal Portfolio Criteria

Execution of its business Financial update


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

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24

3 pillar strategy remains Shift of focus to create more value from core assets & core competencies

Terminal Portfolio Business Operations Organization

• FOCUS ON: strategic growth in four

key categories (gas, hubs, import-

distribution, Americas-ME-Asia)

• PURSUE: profitable projects with

long-term strategic value

• REDUCE: BD project list & BD

activities

• DIVEST: Terminals with limited long-

term strategic value

Strategic Growth

• N°1 PRIORITY: remains SAFETY

• IMPROVE our front line execution

by increasing productivity and

efficiency

• NORMALIZE capex programs by

reducing sustaining &

improvement capex by €100

million until 2016

• REDUCE cost base by €30 million

Know-how capitalization Alignment

• Lean & efficient organization in

line with reduction of workload

• Synergies & cooperation starting

with our Head Office, NL & EMEA

regional offices, LNG unit. GIS

• Drive for productivity & high

performance on commercial

activities and operational delivery

both in our leaders and our staff


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Acquired

Commissioned

Divestment

Brownfield under

construction

Canterm

Pengerang San Antonio

Note: This is only a selection of projects. * subject to financial closing.

Banyan rock

cavern

25

• Vopak aligned business development activities with terminal portfolio criteria

• Vopak started a divestment program of around 15 primarily smaller terminals

Terminal portfolio criteria Alignment of Vopak’s terminal network

Haiteng *

Penjuru (phase 2)


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Storage capacity developments Split by brownfield, greenfield, acquisition and realized divestments

Storage capacity developments In million cbm; commissioned and under development

+1.7

+6.3

2017

38.4 *

Re

aliz

ed

Div

estm

en

t

0.2

Acqu

isitio

n

HY1 2013

0.5

Acqu

isitio

n

30.4 0.4

Gre

en

field

Va

rio

us

HY1 2014

1.5

Bro

wn

field

32.1

3.6

0.9

Gre

en

field

Bro

wn

field

1.4

0.7

Note: Including only projects under development estimated to be commissioned for the period Q3 2014 - 2017. * Includes the announced divestments.

26 HY1 2014 Roadshow presentation

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Execution of its business Benefit from increased understanding and know-how

27

• Vopak aims to reduce its sustaining & improvement capex program from

the earlier indicated maximum € 800 million to approximately € 700 million

until 2016

• Vopak expects to structurally reduce its current cost base with

approximately € 30 million from 2016 through productivity and

organizational efficiency enhancements

Sustaining & improvement

capex approach

Professionalization

organization Standards and

procedures


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Ambition is to be as good as

our leading customers

Continuous focus on cost

management contributes to

healthy EBITDA margin

Logistics efficiency and service

improvements for our

customers

Execution of its business Operational excellence is core to Vopak´s customer service offering

28

Service improvement Efficiency Safety


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Sustainability

The core of every decision

29 Roadshow presentation

Have the right people

and create an agile

and solution driven

culture

Provide a healthy

and safe workplace

for our employees

and contractors

Be a responsible

partner for our

stakeholders

Excellent people

Safety and Health Environmental care

Responsible partner

Be energy and water

efficient and reduce

emissions and waste

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Safety Relentless focus on improving performance

30

Total injury rate (TIR)

Total injuries per 200,000 hours worked by own

employees and contractors

HY1

2014

0.31

2013

0.37

HY1

2013

0.29

2012

0.41

2011

0.59

2010

0.63

2009

1.11

2008

1.14

Process incidents

# incidents

8866 53 47

HY1 2014 HY1 2013 HY1 2012 HY1 2011

Lost time injury rate (LTIR) Total injuries leading to lost time per 200,000 hours

worked by own employees and contractors

0.28

2008

0.34

0.11

HY1

2014

2013

0.13

HY1

2013

2012

0.09 0.14

2011

0.22

2010 2009

0.23

Process safety event rate (PSER) Tier 1 and Tier 2 incidents per 200,000 hours worked by own

employees and contractors (excluding greenfield projects)

0.40

HY1 2014 HY1 2013

0.24


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Cost efficiency We managed our cost base without compromising safety and service

31

Group operational expenses per cbm per year

Index 2004 = 100

Note: Subsidiaries only; operational expenses excluding depreciation and exceptional items; based on storage capacity excluding out of service capacity .

0

20

40

60

80

100

120

140

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Continuous focus

on cost

management

contributes to

healthy EBIT

margins


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Service improvements We continue to invest in infrastructure creating value to our customers

32

Improved pipeline and jetty

capabilities

Improved pipeline and jetty

infrastructure for LPG at Banyan

(Singapore) which increased

throughput capabilities

Service improvement

programs

Introduced dedicated service

teams on several terminals to

improve service offering to

customers

Note: The examples are for illustration purposes and do not cover all service improvements performed.

Improved flexibility

Improved flexibility in product

storage Darwin Australia

New service KPI’s

Implemented new service KPI’s at

several terminals (such as jetty

turnaround times)

Processes Infrastructure


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Strategy and

execution

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Looking

ahead

Selective

growth

Storage capacity under construction


1. Only acting as operator; Vopak has a 10% interest in a joint service company.

2. As result of participation by a third party in the project, Vopak’s ownership percentage dropped from 69.5% to 55.6%.

General

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Business

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Strategy and

execution

Business

performance

Looking

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growth

Storage capacity under construction


3. Only acting as operator; Vopak Terminals Singapore (in which Vopak holds 69.5%) has a 45% interest in a joint service company.

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Serving markets from a product perspective Alignment of network along defined terminial portfolio criteria


Customer segmentation

Access to the right people

Understand customer’s strategy

Account Management

Port attractiveness

Relevance for network

Pro-active approach

Portfolio of Terminals

Understand basic technology

Understand imbalances

Understand trade flow dynamics

Product strategy

Winning

clients and

ports

HY1 2014

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Vopak’s commercial organization


Global Regional Local

Global sales & marketing

Global Network Account

Directors

Global Product Directors

Business analysis

Division

Business developers

Commercial directors

Business analysis

Operating company

Commercial manager

Sales managers

Customer service

HY1 2014

General

introduction

Business

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Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Global, regional and local clients Each client segment represents about 1/3 of Vopak’s revenue


Global clients Regional clients Local clients

Attractive at multiple Vopak

locations around the world

Current turnover and future

potential define Vopak’s

global network account

approach

Active in more than one

Vopak location on regional

level

Can be largest clients at a

division

Regional marketing

Active in one Vopak location

Can be largest clients at a

specific Vopak location

Local sales approach

HY1 2014

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Strategy and

execution

Business

performance

Looking

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Business

performance

HY1 2014

38

General

introduction

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Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Results HY1 2014 Stable business and focus on executing actions business review

39

Occupancy rate** EBITDA*** Cash flow****

Cash flow from operating

activities grew to

EUR 300 million

(HY1 2013: EUR 290 million)

EBITDA amounts to

EUR 367 million

(HY1 2013: EUR 385 million)

The occupancy rate was

88%

(HY1 2013: 88%)

* Storage capacity is defined as the total available storage capacity (jointly) operated by the Group at the end of the reporting period, being storage capacity for subsidiaries, joint ventures, associates (with the exception of Maasvlakte Olie Terminal in the Netherlands which is based on the attributable capacity, being 1,085,786 cbm), and other (equity) interests, and including currently out of service capacity due to maintenance and inspection programs”; ** Subsidiaries only; *** EBITDA (Earnings Before Interest Depreciation and Amortization) excludes exceptionals and includes net result of joint ventures and associates. **** Cash flow from operating activities on a net basis

Storage capacity*

Storage capacity grew to

32.1 million cbm

(HY1 2013: 30.4 million)


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40

Topics influencing results HY1 2014

Capacity

expansions Regulations Currency effects


General

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execution

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performance

Looking

ahead

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growth

Occupancy rate developments Q2 in line with Q1 and 2013

Occupancy rate In percent

2012 2013

90-95%

85-90%

Q1

88

Q4

87

Q3

87

Q2

88

Q1

89

Q4

90

Q3

91

Q2

90

Q1

93

’13

88

’12

91

’11

93

’10

93

’09

94

’08

Q2 ’07

96

’06

94 95 92

’04

84

88

’05

Note: Subsidiaries only.

Current playing field

Full potential playing field

41

2014


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

EBIT(DA) margin development Selective growth strategy requires strong focus on margins

EBIT(DA) margin In percent

Note: Excluding exceptional items; excluding net result from joint ventures and associates.

Execution of its business Terminal portfolio criteria


0

5

10

15

20

25

30

35

40

45

50

2006 2010 2007 2013 2012 HY1 2014 2011 2008 2009 2005 2004

EBIT margin

EBITDA margin

General

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Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Vopak’s selective growth opportunities Strategic update: “shaping well-diversified network according to portfolio criteria”

Note: Including only announced projects under development estimated to be commissioned for the period Q3 2014 -2017.

Storage capacity In million cbm

21.7

2014

HY1

32.1

2.1

+6.3

+12.2

2017

38.4

3.2

13.1

22.1

2016

37.4

2.2

13.1

22.1

8.6

21.4

30.5

1.6

8.1

20.8

2012

29.9

1.5

8.1

20.3

2011 2013 2015

36.7

2003

19.9

1.1

3.7

15.1

2.2

12.6

21.9

2014

FY

18.1

2008

27.1

1.4

8.2

17.5

2007

21.8

1.4

3.7

16.7

2006

21.2

27.8

1.5

34.0

19.7

2010

28.8

1.5

9.0

18.3

2009

28.3

1.5

8.7

1.4

4.0 6.6

2005

20.4

1.1

3.8

15.5

2004

20.2

1.1

4.0

15.1

2.2

10.1

15.8

Subsidiaries Joint ventures and associates Only acting as operator


General

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execution

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Looking

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Selective

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HY1 2014

results

44

General

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Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Financial performance HY1 2014 Revenue impacted by FX, EBITDA impacted by FX and non-recurring items

45

0% 0%

HY1 2014

647.2

HY1 2013

648.8

HY1 2012

648.1

Revenues In EUR million

EBITDA In EUR million

+1% -5%

HY1 2014

366.5

HY1 2013

384.5

HY1 2012

380.1

EBITDA (adj. for FX and non-recurring items)

In EUR million

+2%

HY1 2014

366.5

HY1 2013

358.6

Note: EBITDA in EUR million excluding exceptional items and including joint ventures and associates; Due to the retrospective application of the Revised IAS 19, EBITDA 2012 figures have been restated.

Revenues (adj. for FX)

In EUR million

+3%

HY1 2014

647.2

HY1 2013

629.5

Adjusted EBITDA

increased by

EUR 7.9 million


General

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Business

environment

Strategy and

execution

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performance

Looking

ahead

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growth

EBITDA development Q2 2014 lower than Q2 2013, higher than Q1 2014

46

EBITDA development In EUR million

187

4%

Q2 Q1

180

Q4

183

Q3

185

Q4 Q1

196

Q3 Q2

192 189

196

Q2

193

Q1

187

2012 2013 2014


HY1 2013: 385 HY2 2013: 368 HY1 2014: 367


General

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environment

Strategy and

execution

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performance

Looking

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growth

Organic EBITDA growth analysis Going forward: “create more value from core assets and core capabilities”

47

HY

1 2

01

4

366.5

Oth

ers

0.3

FX

-eff

ect

14.4

HY

1 2

01

3

384.5

Neth

erla

nds

4.8

0.6

•A

cqu

isitio

ns

/Gre

en

field

s

/Div

estm

en

ts

/Pre

-op

ex LN

G

0.3

HY

1 2

01

3

aga

inst F

X 2

01

4

Am

erica

s

1.2

370.1

Asia

EM

EA

12.2

5.6


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Netherlands


EBITDA per division Organic growth Netherlands and Asia offset by FX and EMEA

EMEA

Asia Americas

-8% +4%

HY1 2014

123.7

HY1 2013

119.4

HY1 2012

129.5

-5% +7%

HY1 2014

136.4

HY1 2013

143.9

HY1 2012

134.7 -5% +1%

HY1 2014

49.2

HY1 2013

52.0

HY1 2012

51.7

-17% -1%

HY1 2014

57.0

HY1 2013

68.4

HY1 2012

69.0

EBITDA*

HY1 2014

366.5

HY1 2013

384.5

HY1 2012

380.1

48

Non-allocated

-75%

HY1 2014

0.2

HY1 2013

0.8

HY1 2012

-4.8 HY2 2014 HY2 2013

368.6

HY2 2012

388.3


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Netherlands

Note: Subsidiaries only.

Occupancy rate Segmentation per division

EMEA

Asia Americas

-6pp +3pp

HY1 2014 HY1 2013

84%

HY1 2012

90% 87%

0pp 0pp

HY1 2014 HY1 2013

95%

HY1 2012

95% 95%

+1pp -4pp

HY1 2014 HY1 2013

90%

HY1 2012

94% 91%

1pp -8pp

HY1 2014 HY1 2013

89%

HY1 2012

88% 81%

Occupancy rate

-3pp 0pp

HY1 2014 HY1 2013

88%

HY1 2012

91% 88%

49

HY2 2014 HY2 2013

87%

HY2 2012

91%


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Netherlands

Note: Amounts in EUR million; including associates; excluding exceptional items.

Net result of joint ventures Vopak E.O.S. impacted by difficult market circumstances

EMEA

Asia Americas

-8% +117%

HY1 2014

1.2

HY1 2013

1.3

HY1 2012

0.6

-11% +23%

HY1 2014

17.3

HY1 2013

19.4

HY1 2012

15.8

0,20,60,5

-67% +20%

HY1 2014 HY1 2013 HY1 2012

9,6

20,226,4

-52% -23%

HY1 2014 HY1 2013 HY1 2012

Net result of

joint ventures

Global LNG

50

+1% -25%

HY1 2014

42.4

HY1 2013

56.9

HY1 2012

56.6

+13% -8%

HY1 2014

14.0

HY1 2013

15.2

HY1 2012

13.4

HY2 2014 HY2 2012

50.6 48.4

HY2 2013

Joint venture

divestments

Mejillones Terminal, Chile

19 December 2013

Terminal Guayaguil, Ecuador

19 December 2013

Xiamen, China

11 July 2013


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

EBIT

EBIT excl. exceptional items

278.8

Net result joint ventures

incl. exceptional items

-1.5

211.0

Exceptional gain (loss)

Group operating profit

280.3

EBIT incl. exceptional items

67.8

193.6

42.4

-15.3

236.0

251.3

HY1 2013 In EUR million

HY1 2014 In EUR million

Delta In EUR million

- 17.4

- 25.4

- 42.8

- 29.0

Net profit excl. exceptional items* 162.5 138.3 - 24.2

*Attributable to holders of ordinary shares. ** in EUR including exceptional items.

51

+ 13.8

1.27 Earnings per ordinary share ** 0.99 - 0.28


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Cash flow Strategic update: “sharpen focus on increasing free cash flow generation”

52

Cash flow from operating activities (gross) In EUR million

361

367

659

496455451

387335

286225

352

2011 2010 2009 2008 2007 2006 2005 2013

713

HY1

2014

+2%

2012


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Financial ratio’s HY1 2014 Going forward: “focus on increasing cash flow return and

improving capital efficiency”

53

ROCE* In %

HY1 2014

14.6%

HY1 2013

17.3%

HY1 2012

18.5%

ROE** In %

HY1 2014 HY1 2013

15.2%

19.5%

HY1 2012

20.8%

* ROCE is defined as EBIT excluding exceptionals as percentage of the capital employed . ** ROE is defined as Net Profit excluding exceptionals as percentage of the Equity excluding financing preference shares and Non-controlling Interest .


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Non-IFRS proportionate financial information

54

Proportionate EBITDA In EUR million

Cash Flow Return on Gross Assets In %

Occupancy rate subsidiaries and joint ventures In %

414

396

836

660617537 403

2009

-4%

HY1 2014 2013

817

2012 2011 2010

88%

HY1

2013

88%

2012 HY1

2014

2011 2010 2009

92% 92% 90% 94%

2012 2011 2009 HY1

2013

11.1% 10.3%

HY1

2014

2010

11.6% 12.3% 12.2% 11.8%


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

FX translation effects Adverse translation effects of EUR 14.4 million in HY1 2014

HY1 2014 EBITDA transactional currencies In percent

Note: Excluding exceptional items.

FX translation-effect on HY1 2013 EBITDA In EUR million

22%

31%

33%

14%

Other

SGD

EUR

USD

FX translation-effect on HY1 2014 EBITDA In EUR million

Total

Non allocated

Americas

Asia

EMEA

Netherlands

-14.4

55

Americas

EMEA

Netherlands

Asia

Non allocated

Total -2.2


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

HY1 2014

9.5

HY1 2013

9.4

HY1 2012

8.8

Q1

2014

60.9

Q4

2013

62.0

Q3

2013

61.3

Q2

2013

59.5

Q1

2013

59.8

Q4

2012

68.2

Q3

2012

69.6

Q2

2012

66.2

Q1

2012

63.3

Q2

2014

62.8

82%

Q2

2013

84%

Q1

2013

85%

Q4

2012

87%

Q3

2012

89%

Q2

2012

87%

Q1

2012

93% 86%

Q2

2014

Q4

2013

Q1

2014

88% 83%

Q3

2013

EBITDA* In EUR million

Occupancy rate** In percent

Note: Due to the retrospective application of the Revised IAS 19, EBIT for 2012 has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only. .


Netherlands


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

EMEA

57

34.2

Q3

2013

33.1

Q2

2013

33.6

Q1

2013

34.7

Q4

2012

31.5

Q3

2012

31.8

Q2

2012

36.7

Q1

2012

32.3

Q2

2014

28.1

Q1

2014

28.9

Q4

2013

HY1 2014

9.6

HY1 2013

9.5

HY1 2012

9.0 87% 80% 85%

Q3

2013

88%

Q2

2013

90%

Q1

2013

89%

Q4

2012

87%

Q3

2012

Q1

2014

Q4

2013

83%

Q2

2014

Q2

2012

87%

Q1

2012

89%






General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Asia

58

Q1

2014

66.4

Q4

2013

68.0

Q3

2013

70.6

Q2

2013

73.2

Q1

2013

70.7

Q4

2012

67.5

Q3

2012

71.0

Q2

2012

67.3

Q1

2012

67.3

Q2

2014

70.0

HY1 2014

8.5

HY1 2013

7.4

HY1 2012

7.3

Q1

2014

Q4

2013

95% 94%

Q3

2013

94%

Q2

2013

95%

Q1

2013

95%

Q4

2012

93%

Q3

2012

94%

Q2

2012

95%

Q1

2012

95% 95%

Q2

2014






General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Americas

59

Q1

2014

23.3

Q4

2013

21.2

Q3

2013

22.1

Q2

2013

28.0

Q1

2013

24.0

Q4

2012

25.6

Q3

2012

24.9

Q2

2012

24.4

Q1

2012

27.3

Q2

2014

25.9

3.7

HY1 2014 HY1 2013

3.3

HY1 2012

3.3 91%

Q3

2013

89% 89%

Q2

2013

89%

Q1

2013

91%

Q4

2012

93%

Q3

2012

94%

Q2

2012

93%

Q1

2012

95%

Q1

2014

Q4

2013

90%

Q2

2014



Note: Due to the retrospective application of the Revised IAS 19, EBIT for 2012 has been restated; * Including net result from joint ventures and associates; excluding exceptional items; ** Subsidiaries only.



General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

60

Selective

growth

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

61

Capital disciplined consideration Balanced global terminal network management

Investment and

Risk-return profile

Balanced dividend

policy

Flexible long-term

funding


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Return requirements for investment Important elements to consider

62

Footprint in emerging markets

Mitigating downward risks

Optimization growth opportunities

Commercial coverage on projects

Local WACC

Strategic

alliances

Option

value

First-mover

advantage

Pay-back period

Project NPV / IRR

Equity IRR

Contracted infrastructure

Launching Customers

MoUs/LoIs

Growth along

with key accounts

Contribution from key accounts

IV

III

I

V

VI

II


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Risk-return profile per type of investment Vopak’s capital disciplined growth: different concepts for different

purposes

63

Low High

Risk

Low

High

Re

turn

Contracted infrastructure

(e.g. LNG and industrial terminals)

Growth projects with

launching customers

Growth project in

emerging countries

with only MoU’s

Brownfield

Greenfield

Option value


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Terminal portfolio criteria Updated criteria for alignment of our network

64

Gasses Industrial terminals Hub terminals Distribution terminals

• Vopak has initiated a divestment program of around 15 primarily smaller terminals

Scenario

analysis

Identifi-

cation Selection Definition Execution

Vopak project management FID

Early selection & clear choices


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

65

Capital disciplined consideration Stable solvency ratio

Total equity and liabilities In EUR million

* Cash and cash equivalents are subtracted from Liabilities; Note: Due to the retrospective application of the Revised IAS 19, Equity and Liabilities for 2012 have been restated.

60% 58%

42%

2013

4,644

2012

4,386

2011

4,152

2010

3,649

2009

2,947

2008

2,585

2007

1,997

2006

1,703 55%

44%

56% 57%

43% 45%

61%

39% 42%

58%

44%

56%

40%

Net

liabilities*

Equity


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Selective capital disciplined growth Reduce other capex program to approx. EUR 700 million until 2016

Total investments 2008-2016 In EUR million

Note: Total approved expansion capex related to 6.3 million cbm under development is ~EUR 1,700 million; * Forecasted Sustaining and Improvement Capex up to and including 2016 ** Total approved expansion capex related to 6.3 million cbm under development in the years Q3 2014 up to and including 2017.

Q3 2014-

2016

~≤1,000

~300

2,012

2008-2010

1,899

2011-2013

Other capex*

Expansion

capex**

~≤700

~300

Expansion capex** In EUR million; 100% = EUR 1,700 million

Remaining

Vopak share

in capex

(Group

capex and

equity share

in JV’s)

Group capex spent

Contributed Vopak equity share in JV’s

Total partner’s equity share in JV’s

Total non recourse finance in JV’s

~1,400

66

Forecasted capex


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

67

Vopak capital disciplined growth strategy Supported by a solid capital structure with balanced leverage

Net debt

: EBITDA

Net debt : EBITDA ratio 0 6

0-2 2-3.75 >3.75

S&P

rating >A- <BBB

Limited

leverage

Balanced

leverage

Broader

diversification

of funding

sources

Positioning

Vopak

as reliable joint

venture partner

Increased ability

to rapidly seize

investment

opportunities

Positioning Vopak

as reliable

counterparty to

clients

Benefits

Relatively

high

leverage


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Selective capital disciplined growth

Senior net debt : EBITDA ratio

Note: due to the retrospective application of the Revised IAS 19, EBITDA for 2012 has been restated. For certain projects in joint ventures, additional limited guarantees have been provided, affecting the Senior net debt : EBITDA; * Based on Dutch GAAP.

Maximum ratio under

current US PP programs

Maximum ratio under other

PP programs and syndicated

revolving credit facility

0

1

2

3

4

5

HY1

2014

2013

2.53

2012

2.38

2011

2.65

2010

2.63

2009

2.23

2008

2.54

2007

1.71

2006

1.61

2005

1.76

2004

2.20

2003*

2.42 2.92

68

2.75

3.0

3.75


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Vopak’s capital structure Approval to repurchase and cancel preference shares

* As per 30 June 2014.

Listed on Euronext

Market capitalization:

EUR 4.6 billion

Preference shares*

Preference Shares 2009

Not listed

EUR 44 million

Subordinated loans*

Subordinated USPP

loans: USD 109.5

million

USD: 2.0 billion

SGD: 435 million and

JPY: 20 billion

Average remaining

duration ~ 9 years

EUR 1.0 billion

15 banks participating

Duration until

2 February 2018

No drawdowns

outstanding

69

Ordinary shares* Private placement

Programs*

Syndicated revolving

credit facility*

Equity(-like)


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Balanced debt repayment schedule Average remaining maturity 9 years; average interest rate 4.5%

Debt repayment schedule* In EUR million

* As of 30 June 2014, the facility was fully available, maturity date 2 February 2018.

100

0

50

150

1,150

250

1,100

200

2026 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2028 2014 2029 2040 2027 2015

Other

Asian PP

US PP

Subordinated US PP

RCF flexibility


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Net Finance costs aligned with growth Higher net financing costs weighed on 2013 EPS

Net finance costs 2012 In EUR million

Net finance costs -83.5

Finance costs 87.3

Interest and

dividend income 3.8

-105.3

108.6

3.3

2013

4.5%

2012

4.4%

2011

4.7%

2010

5.2%

2009

5.4%

2008

5.4%

2007

6.3%

2006

7.0%

Average interest rate In percent

997562426

2012 2013

1,825 1,748

2011

1,606

2010

1,431

2009

1,018

2008 2007 2006

Net interest bearing debt In EUR million

Net finance costs 2013 In EUR million


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

2013 dividend EUR 0.90 per ordinary share (pay-out ratio: 37%)

Dividend and EPS 2006-2013** In EUR

Note: due to the retrospective application of the Revised IAS 19, EBITDA for 2012 has been restated ;* Excluding exceptional items; attributable to holders of ordinary shares; ** Excluding exceptional items; historical figures adjusted for 1:2 share split effectuated 17 May 2010.

-10% 2.45

+2%

2013

0.90

2012

2.73

0.88

2011

2.16

2010

2.08

0.70

2009

1.92

0.63

2008

1.62

0.55

2007

1.31

0.48

2006

0.98

0.38 0.80

Dividend policy:

Barring exceptional

circumstances, the

intention is to pay

an annual cash

dividend of 25-50%

of the net profit*


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

73

Looking

ahead

General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Outlook assumptions Vopak has updated its terminal portfolio criteria

74

Note: Width of the boxes does not represent actual percentages; company estimates; * Excluding exceptional items ;including net result from joint ventures and associates.

Oil products Chemicals Industrial terminals

& other pipeline

connected infra

Biofuels &

vegoils LNG

Robust

Solid

Mixed

Solid

Mixed

2014

2013

Different demand

drivers

Steady

Steady Solid

Solid

~x% Share of EBITDA*

Major Hubs supporting intercontinental product flows

Import/distr. in major markets with structural deficits

Other infra

~50% ~20% 15% - 20% 2.5% - 5% 7.5% - 10%


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Outlook Focus on cash flow return and EPS

75

Update HY1 2014: “We expect no material changes in our business climate during

the second half of the year and as a result we anticipate our EBITDA -excluding exceptional

items- for the year 2014 will exceed EUR 700 million, versus the earlier indicated decline of

5% to 10% of the 2013 EBITDA (EUR 753 million).”

Vopak expects, basis of

current market insights,

to realize an EBITDA

-excluding exceptional

items- exceeding the

2012 results of

EUR 768 million latest

in 2016


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

Outlook 2014 and financial update 2016

Tank terminal

strategy

Focus

divestments

Full potential

excellence

Growth

strategy

Note: graph for illustration purposes only.

76

753768

232

2014 2011 2013 2007

≥768

2012 ~2016 2010 2008 2009 2006 2005 2004

“Vopak expects,

on the basis of

current market

insights, to

realize an

EBITDA

exceeding the

2012 results of

EUR 768 million

latest in 2016”.

≥700

“We expect no material changes in our business climate during the second half of the year and as a result

we anticipate our EBITDA –excluding exceptional items- for the year 2014 will exceed EUR 700 million,

versus the earlier indicated decline of 5% to 10% of the 2013 EBITDA (EUR 753 million).”

Alignment network

and competitive

position


General

introduction

Business

environment

Strategy and

execution

Business

performance

Looking

ahead

Selective

growth

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

“We have built

our company

over 400 years on

trust and reliability.”

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • • • • •

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • •

Royal Vopak I Westerlaan 10 I 3016 CK Rotterdam I The Netherlands I Tel: +31 10 400 2911 I Fax: +31 10 413 9829 I www.vopak.com

Cash flow We will sharpen our focus on capital efficiency and cash flow return

78

171

367

343

127 115

142

2

2843

3

Net cash

position

31/12/2013

Cash

flow from

operating

activities

(gross)

Net cash

position

30/06/2014

Other incl. tax Dividend

paid in cash

Finance

activities

excluding

dividend paid

Investing

activities

Income

tax paid

Finance

costs paid

Interest /

dividend

received


Consolidated statement of cash flows In EUR million

Other topics

79

Effective tax rate* In percent

19.5

2011 2012

18.0

2013

17.1

* Excluding exceptional items.

Pension cover ratio In percent

118112106

+6pp

2011 2013 2012


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